About a little over two hours ago, United States President George W. Bush made a televised address from the White House towards the United States Congress. This is in regards to the economic crisis and the proposed $700 billion bailout for companies such as Fannie Mae and Freddie Mac. So far, the bailout has been an emerging hot topic for the US Presidential race between GOP nominee Senator John McCain of Arizona and Democratic nominee Senator Barack Obama of Illinois.
Bush was blunt in his address to Congress. He said that the whole economy was in danger and urged that his proposal to be approved. This proposal is a hot topic for very good reason because the bailout is up to a whopping $700 billion dollars.
Not long ago, McCain wanted to postpone the debate set for Friday to head to Congress to discuss a solution to the crisis. One can expect Obama and McCain to fiercely debate on the bailout in the near future.
In his address, Bush said that it needed to be approved in order to fix the market. Bush would say that he is a firm believer in the notion of free enterprise at the same time opposing interference by the government. But, he added that this is a very uncanny situation that the country is in at the moment.
He warned that the country will go through an agonizing state of recession of Congress does not approve the bailout. However, Bush is facing opposition from lawmakers and within the GOP.
In a nutshell, Bush’s address can be summed up in a simple sentence: Congress needs to approve the proposal in order to save the US economy. We can expect Congress and critics to be tearing Bush’s address apart the next day.
Not long ago, US Representative and former GOP hopeful Ron Paul of Texas had given a commentary on CNN in regards to the $700 billion bailout for those firms. He explained that it will not fix the problem and that it will only agitate the crisis even further.
Paul had said that the policymakers had not learned from their mistakes. We can count Ron Paul as a harsh critic of the proposal.